(1)--MaritimeEconomics航运经济与政策.pdfVIP

SeaTransport

1andtheGlobal

Economy

Wondersaremanyonearth,andthegreatestofthese

Isman,whoridestheoceanandtakeshisway

Throughthedeeps,throughwind-sweptvalleysofperilousseas

Thatsurgeandsway.

(ThechorusinSophocles’Antigone,422BC,trans.R.C.Jebb)

1.1INTRODUCTION

Characteristicsofthebusiness

Shippingisafascinatingbusiness.Sincethefirstcargoesweremovedbyseamorethan

5,000yearsagoithasbeenattheforefrontofglobaldevelopment.Theepicvoyagesof

Columbus,DiazandMagellanopenedthemaritimehighwaysoftheworld,andthe

samepioneeringspiritbroughtsupertankers,1container-ships,andthecomplexfleetof

specializedshipswhicheachyeartransportatonofcargoforeverypersonintheworld.

Nobusinessismoreexciting.Thegreatshippingboomof2004swepttheindustryfrom

ragstorichesinlittlemorethanayear,makingitsfortunateinvestorssomeofthe

wealthiestpeopleintheworld.ThissortofvolatilitycreatedsuperstarslikeNiarchos

andOnassis,andafewvillainslikeTidalMarine,whichbuiltupa700,000dwt(dead-

weighttonnage)shippingfleetintheearly1970sandwereindictedwithanumberof

theirbankersforfraudulentlyobtainingmorethan$60millioninloans.2

Ourtaskinthisbookistounderstandtheeconomicsoftheindustry.Whatmakesitso

interestingtoeconomistsisthattheshippinginvestorswhograpplewithshippingriskare

sovisible,andtheiractivitiessowelldocumented,thatwecanblendtheoryandpractice.

Foralltheirflamboyance,theyoperatewithinastricteconomicregime,whichwouldbe

immediatelyrecognizablebynineteenth-centuryclassicaleconomists.Itis,moreorless,

the‘perfect’marketplaceatwork,aneconom